Memecoin (MEME), which created great expectations after being listed on Binance, has fallen by more than 10 percent in the last 24 hours.
The crypto market started the week in risky territory with the shaky price structure of Bitcoin (BTC). Last week, BTC could not break the 38 thousand dollar resistance, which it tried many times. With the resistance not being overcome, Bitcoin weakened and fell sharply to 37 thousand dollars.
BTC decline led to panic selling in altcoins. Altcoins fell sharply as money outflows increased and market conditions turned negative.
Memecoin (MEME) drops sharply
Memecoin (MEME), which has created great expectations, has been following a downward price chart lately. MEME decreased from $ 0.030 to $ 0.027 in the last 24 hours. MEME’s decline approached 10 percent.
The popular cryptocurrency became popular in a short time with the expectations that it would perform an airdrop and its listing on Binance. Especially since it was in the memecoin category and its name was Memecoin, it gave rise to the possibility of creating a new ‘Dogecoin’.
Memecoin reached a market value of $350 million in a short time. With the latest decline, Memecoin’s market value decreased to 238 million dollars. According to CoinMarketCap data, Memecoin is the 152nd best cryptocurrency in terms of market capitalization.
Looking at the MEME chart, it seems that the price is trying to hold on to an important support point. MEME, which is trying to gain strength from the $ 0.027 support, may continue its decline if it loses the support zone. In this scenario, MEME price could retreat to the major support point at $0.023614. MEME’s intermediate support point will be $0.25. Although 0.25 is shown as the region where a reaction increase may occur, it may weaken due to market conditions.
On the other hand, MEME may find strength from the support point as BTC gives confidence again. If it gains strength from the $0.027 support, the price could approach the $0.0285 resistance in a short time. This resistance point may reveal selling pressure as it is intermediate resistance. If MEME breaks above $0.0285, the next resistance will be $0.0304. MEME’s final resistance zone may be $0.032955.
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